|February 22, 2012|
Parlane Meets Commitment on Big Bear
|Vancouver, British Columbia - Further to its news releases of November 28, 2011 and February 15, 2012, Parlane Resource Corp. (the "Company") reports that it has met the cash payment of $200,000 due on its Property Option Agreement on the Big Bear Project. |
The Big Bear project covers 31 claims on approximately 14,366 hectares located in the prolific Omineca Mining Division of British Columbia. The property is situated between two mineralized systems known as the Blackwater Gold Project and the Capoose property.
To complete the cash payment required on its Option Agreement, the Company secured a bridge loan financing of $210,000 (the "Loan") with a group of lenders comprised of certain insiders. The unsecured Loan is due and payable in 12 months, with interest payable at 10% per annum. Pursuant to Exchange policies, the Company has agreed to grant an aggregate of 300,000 common shares to the lenders as a bonus for extending the Loan to the Company, subject to Exchange acceptance.
ON BEHALF OF THE BOARD
Signed "Robert Eadie"
Robert Eadie, President, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie
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